The Inland Revenue Authority of Singapore (IRAS) has published updated guidance on the upcoming changes in the GST rate as announced in the 2022 Budget, which includes an increase in the GST rate from 7% to 8% from 1 January 2023 and to 9% from 1 January 2024. The guidance includes an updated IRAS e-Tax Guide, 2023 GST Rate Change: A Guide for GST-registered Businesses (Second Edition), as well as an updated Frequently Asked Questions for Businesses – GST rate change 2023 and an updated Checklist for GST rate change preparation. The updated guidance, dated 5 August 2022, is focused on the change in the rate to 8% on 1 January 2023, including transitional rules. The same rules will generally apply for the change in the rate to 9% from 1 January 2024, with separate guidance to be issued specifically for this rate change.
Source Orbitax
